Arizona residents may be familiar with prenuptial agreements. Some associate these types of agreements with rich and famous celebrities, but, in actuality, they are used by people from all walks of life. The usefulness of these agreements has recently been debated among family law attorneys and financial experts.
Many individuals believe these agreements may put a damper on romance and shy away from them for fear that they will lead to discord in the relationship. However, prenuptial agreements are actually utilized for many practical reasons, and when presented in an honest way, they should not be cause for concern. On the contrary, they can actually benefit a couple a great deal by forcing them to face the financial realities of their future marriage and life together.
For example, if a couple marries later in life and each person has acquired property and assets prior to the marriage, they may want to designate these in such an agreement. This will ensure that these assets will not be subject to equitable distribution or property division in the event that the couple becomes divorced at any point in the future.
If a prenuptial or post nuptial agreement is in place and a couple does decide to divorce, the divorce is likely to proceed in a quicker and more amicable fashion than one in which every issue is contested and litigated. This is often the case because some of the issues will have already been previously agreed to by the parties in the agreement.
It is important for both individuals to seek independent legal advice prior to signing a prenuptial or post nuptial agreement. Some issues can never be addressed in a prenuptial agreement, such as those relating to child custody, visitation rights and child support.
Source: The Huffington Post, “Prenup: Should You Get One? ‘Fox & Friends’ Gives Advice,” May 9, 2013.